Apr 16, 2024
Shein Deliveries Fuel Startup UniUni’s $50 Million Funding Round
, Bloomberg News
(Bloomberg) -- Uni Express Inc., a delivery startup used by Chinese e-commerce players Shein and Temu, raised $50 million to fund its expansion across North America.
The company, which does business as UniUni, closed a Series C round for $50 million led by venture capital firm DCM, according to a statement Tuesday. That brings its total funding to more than $100 million. The company declined to share a valuation.
Founded in 2019, and based in Richmond, British Columbia, 10 miles south of Vancouver, UniUni has built an Uber-style flexible network of drivers that delivers packages from 50 warehouses across most of North America’s biggest cities, including LA and NY. As of 2023, it had 10,000 registered drivers and 500 employees, according to its website.
The new funding will go toward expanding UniUni’s US presence with more sorting centers and better technology, the company said. Management closed a $20 million funding round in December led by Celtic House Asia Partners.
UniUni has benefited from the surging popularity of Chinese shopping app Temu, owned by PDD Holdings Inc., and Chinese fast fashion brand Shein Group Ltd. In previous interviews, the company has pointed to the e-commerce brands, both of which enjoy top 10 positions in Alphabet Inc. and Apple Inc.’s app stores.
Company co-founder Kevin Wang has previously spoken about an initial public offering as soon as late 2025, and expansion to other English-speaking markets such as Australia and the UK.
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In an earlier fundraising round, UniUni was backed by Chinese internet and e-commerce titan Alibaba Group Holding Ltd. Alibaba subsidiary Cainiao Logistics has signed a strategic cooperation agreement with UniUni for the US market, according to a company brochure seen by Bloomberg.
Other investors in previous rounds included Beijing-based Fosun RZ Venture Management Co., Hangzhou-based Vision Plus Capital, and Lanchi Ventures, based out of Beijing and Singapore.
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